Title: Sintered alloy having superb wear resistance and process for producing the same

Abstract: A sintered alloy having superb wear resistance comprising: composite phases dispersed in a matrix of the sintered alloy; the composite phase consisting of; a particle group in which Cr carbide particles and Cr sulfide particles exist in a mixed condition; and a ferrite phase or a mixture phase of ferrite and austenite surrounding the particle group as a core.